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Real estate expert for insolvency proceedings

Real estate in insolvency – robustly valued, fully modelled

Market and liquidation values, going-concern forecasts and cash flow models for insolvency administrators, trustees and creditors. Germany-wide, on schedule and prepared so that the court, the creditors' committee and bidders can work with them.

Urgent reports possibleBoth values under § 151 InsOValuation + cash flow from a single sourceGermany-wide & Austria
Send an enquiryView services

Feedback on feasibility and a fixed price within one business day.

One property, three values

An illustrative value structure for an insolvency property – this is how your basis for a decision comes about.

Market value§ 194 BauGB, ImmoWertV
100 %
Going-concern valueProperty cash flow, hold & let
≈ 88 %
Liquidation valueTime pressure, condition, realisation route
≈ 64 %
  • All values in one report, discounts derived transparently
  • Realisation scenarios: private sale, compulsory auction, cold receivership
  • Cash flow model in Excel – open, documented, reviewable

Schematic illustration. The actual spread depends on the property, the market, the encumbrances and the realisation period.

20+years of institutional real estate experience
€10bn+Real estate assets under management
100+Investments
DE · ATGermany-wide and in Austria,
based in Munich
Who we work for

Figures that stand up in the proceedings

Every group involved needs different answers – the same property, but different questions. We supply values and financial plans that fit the stage of the proceedings.

Insolvency administrators & trustees

Schedule of assets, report meeting, realisation decision: robust values and financial plans that the court and the creditors' committee can follow.

  • Going-concern and liquidation value
  • Preparation of a private sale
  • Figures for the insolvency plan

Secured creditors & banks

Valuation of security and review of realisation proposals: what does a private sale achieve, what a compulsory auction, what a cold receivership?

  • Proceeds forecast for each realisation route
  • Plausibility check of purchase offers
  • Property cash flow on continuation

Self-administration & management

For property-holding companies in crisis: going-concern forecast, financial plan under § 270a InsO and integrated restructuring planning as a basis of figures.

  • Going-concern forecast (§ 19 (2) InsO)
  • Liquidity plan 13 weeks / 6 months
  • Restructuring plan (StaRUG)

Lawyers & advisers

Second opinion, counter-report, plausibility check of estate values and comparative calculations – as evidence or as a basis for negotiation in the proceedings.

  • Private expert report, ZPO compliant
  • Statement on third-party reports
  • Figures for the plan and the comparison
Services

Two services, one set of figures

Valuation and planning build on the same assumptions. Market value, liquidation value and the going-concern scenario therefore fit together – instead of coming from three sources that contradict each other.

Real estate valuation

Market value · liquidation value · compulsory auction value

Reports for the insolvency estate, for security and for realisation – under the ImmoWertV, usable as a private expert report within the meaning of the ZPO, with cleanly derived discounts for time pressure, condition and realisation route.

  • Market value under § 194 BauGB
  • Liquidation and realisation value
  • Value indication for § 26 InsO
  • Compulsory auction, encumbrances in sections II/III
  • Portfolio, operational and special-purpose properties
  • Construction projects in their current state
To valuationEnquire

Business plan & cash flow

Going-concern forecast · liquidity plan · insolvency plan

Integrated financial plans and property cash flows for the question "continue, restructure or realise?" – in Excel, with scenarios and sensitivities, readable and reviewable by third parties.

  • Going-concern forecast (§ 19 (2) InsO)
  • Financial / liquidity plan (§ 270a InsO)
  • Insolvency plan comparative calculation
  • Property cash flow: hold or sell
  • Completion business plan, estate loan
  • Data room and bidder documents
To business plan & cash flowEnquire

Developer and project insolvency: With a half-finished construction project the two services interlock – market value in the current state, cost to complete and the completion business plan decide between completing and realising. More on developer insolvency

Situations in the proceedings

When to instruct us

Typical situations in which insolvency proceedings need robust property values or a financial plan – each with the provision it turns on.

Schedule of assets

§ 151 InsO

Going-concern and liquidation value for each property, where the value depends on continuation or closure.

Cover for the costs of the proceedings

§ 26 InsO

Value indication in the preliminary proceedings: are the property assets sufficient for the costs of the proceedings?

Report meeting

§ 156 InsO

Figures for the question of continuing, closing down or realising – with an explanation before the creditors' meeting on request.

Realisation

§ 165 InsO

Private sale or compulsory auction? A proceeds forecast for each route, a basis for agreement with the secured creditors.

Insolvency plan

§§ 220, 245, 251 InsO

Comparative calculation of the plan against a standard liquidation: liquidation scenario, recovery rates, minority protection.

Over-indebtedness test

§ 19 InsO

Going-concern forecast with integrated planning for property-holding companies – as the basis of figures for your assessment.

Self-administration

§ 270a InsO

Six-month financial plan and rolling liquidity planning for the application and the proceedings.

Cold receivership

By agreement

Property cash flow and contribution to the costs of the estate where the administrator manages the property for the secured creditor.

Developer insolvency

MaBV · § 650e BGB

Complete or realise: current value, cost to complete, purchaser claims, contractors' security mortgages.

Transfer restructuring

Asset deal

Plausibility check of the purchase price, figures for the data room and the bidding process, statement for the creditors' committee.

Estate insolvency

§§ 315 ff. InsO

Valuation of inherited properties for administrators, heirs and creditors – including contested estates.

Second opinion

Second opinion

Review of existing reports, offers or financial plans – concise, with a clear statement on plausibility.

Guide: How the property moves through the five stages of insolvency administration, which realisation routes exist and which figures each decision needs. Real estate in insolvency administration

Process

How an instruction works

Deadlines in insolvency proceedings are hard. The process is therefore designed to reach a robust answer quickly – even where documents are missing.

1

Enquiry & deadline check

You give us the proceedings, the property and the date. Feedback on feasibility and a fixed price within one business day.

Day 1
2

Documents & information

Land register, building file, leases, financing, figures. Gaps are normal – with your power of attorney we obtain what is missing ourselves.

Day 2–5
3

Inspection & survey

On site Germany-wide, also without the debtor's cooperation. Condition, use, tenants, construction status – documented photographically.

by arrangement
4

Valuation & model

Valuation under the ImmoWertV, liquidation and realisation scenarios, cash flow model with scenarios and sensitivities.

5–15 business days
5

Handover & explanation

Report as a PDF, model as an Excel file with documentation. Explanation at the report meeting or before the creditors' committee on request.

on schedule
Process, turnaround times & fees in detail
Why STRECKEL

Institutional standards for insolvency proceedings

Valuations and models of the kind large asset managers and banks expect – without the apparatus, with a direct line to the expert.

01

Institutional experience

More than 20 years for UBS Real Estate, Catella, Real I.S. and BNP Paribas REIM: acquisition and portfolio valuations, fund models, developments. That standard applies to every insolvency property.

02

Valuation and planning from a single source

Market value, liquidation value and going-concern forecast come from the same set of figures. That avoids contradictions between the valuer and the planner which become awkward at the report meeting.

03

On schedule, even when it is urgent

You receive a binding delivery date. Where auction dates, creditors' meetings and application deadlines are involved we prioritise by arrangement – urgent reports are plannable, not the exception.

04

Transparent and robust

Reports under the ImmoWertV, usable as a private expert report under the ZPO. Models built transparently, documented and calculated so that the creditors' committee, the bank and bidders can check them themselves.

Tobias StreckelGraduate in real estate management (Dipl.-Betriebswirt FH) · LL.M. (Real Estate)
Your contact

An expert with an institutional background

No call centre, no passing on to subcontractors: from the first call to the explanation at the report meeting you speak to the valuer himself.

Tobias Streckel studied real estate management at the RICS-accredited Nürtingen-Geislingen University and then took a Master of Laws in real estate law at the University of Münster. Since 2004 he has worked for institutional real estate investors – including UBS Real Estate, Catella Real Estate, Real I.S. and BNP Paribas Real Estate Investment Management.

Two things come out of that practice that count in insolvency proceedings: routine in valuing every asset class, and the ability to translate complex cash flows into models that can be reviewed.

Graduate in real estate management (Dipl.-Betriebswirt FH)HfWU Nürtingen-Geislingen, RICS accredited, with distinction
Master of Laws (Real Estate)Real estate law, University of Münster
20+ years of valuation and modelling practiceGerman and European property markets, all asset classes
More about Tobias Streckelbewerter-immobilien.de
Questions & answers

What administrators and creditors ask us most often

§ 151 (2) sentence 2 InsO requires that, where the value depends on whether the business is continued or closed down, both values must be stated. For real estate the going-concern and liquidation values are often far apart – time pressure, condition, lack of cooperation and the realisation route depress the proceeds achievable. We state both values in one report and derive the discounts transparently.

A value indication is normally available 3–5 business days after the documents arrive, a full market value report 10–15 business days after the inspection. A liquidity plan takes 1–2 weeks, a going-concern forecast with integrated planning 2–4 weeks. Urgent instructions are prioritised by arrangement – tell us your date and we will tell you immediately whether it can be met.

In insolvency that is the norm. With the administrator’s power of attorney we obtain the land register extract, the building file, the register of building encumbrances and official information ourselves. The inspection also takes place without the debtor, for example via tenants, property management or the administrator’s office. Anything that cannot be clarified is disclosed in the report as an assumption – so the statement of value remains robust.

If the insolvency administrator instructs us after the opening of proceedings, the costs are normally estate liabilities (§ 55 InsO). Where a creditor or the debtor instructs us, they bear the fee. For a court appointment we bill under the JVEG. You receive a fixed price offer in advance – no advance payment, no open items.

No. We supply integrated financial plans and cash flow models as a basis of figures. The legal assessment of illiquidity and over-indebtedness remains with the administrator, the trustee, the auditor and legal advisers. Our models are built so that they can carry that assessment – structurally following IDW S 11 and IDW S 6.

Yes. We are based in the Munich metropolitan region and value throughout Germany and in Austria. For portfolios we combine desktop valuation with sample inspections so that timing and budget stay realistic.

The report as a PDF (printed and bound on request) with a photographic record, a summary of values for the schedule of assets, and cash flow models as an open Excel file with the assumptions documented. On request we explain the results at the report meeting, before the creditors’ committee or to the secured creditor.

Yes. As a second opinion we review third-party reports, market values set in auction proceedings and purchase offers in a bidding process. The result is a concise statement with a clear answer on whether the value and its derivation are plausible – as a basis for the creditors’ committee, the court or a negotiation.

Enquiry

Proceedings, property, deadline – the rest is our job

Within one business day you receive an assessment of feasibility and a fixed price offer. Without obligation and confidential.

Your contact details
Proceedings and task
Documents (optional)
    Answer within one business day. No advance payment.

    Reach us directly

    +49 155 6000 5553Mon–Fri 8 am–7 pm, and outside those hours in urgent cases info@bewerter-immobilien.deDocuments are welcome as an attachment or as a data room link

    What we need in order to quote

    • Property type, address, rough condition
    • Stage of the proceedings and the occasion (schedule of assets, report meeting, realisation, plan)
    • The deadline or date that matters
    • Documents available – gaps are not an obstacle

    Confidentiality

    All information is treated confidentially. On request we sign a non-disclosure agreement (NDA) before any documents are sent.

    • Based in the Munich metropolitan region, working Germany-wide and in Austria.